ADR REPORT-ADRs move higher on dollar slip; miners rise

Mon May 20, 2013 1:37pm EDT
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By Chuck Mikolajczak

NEW YORK May 20 (Reuters) - U.S.-listed shares of foreign companies advanced on Monday, buoyed by dollar weakness, while Canadian miners got a lift as gold prices halted their recent decline.

The greenback fell 0.4 percent against a basket of major currencies after Japan's economy minister suggested the currency might have weakened enough.

The BNY Mellon index of leading American depositary receipts gained 0.3 percent, while the Standard & Poor's 500 index edged up 0.2 percent.

A weaker dollar helps spur demand for ADRs, which are priced in the U.S. currency, making them cheaper.

And a 2 percent gain in gold prices after a 7-day run of declines, helped lift Canadian miners such as Barrick Gold , which jumped 5.9 percent to $19.67 and Goldcorp, up 4.2 percent to $26.91 in New York trade.

The BNY Mellon index of leading European ADRs climbed 0.1 percent, while the FTSEurofirst 300 index of top shares closed up 0.3 percent.

Ireland's Ryanair advanced 4.8 percent to $48.96 after the airline reported earnings above analyst expectations, lifted by a sharp rise in earnings from add-on charges for items such as baggage and pre-assigned seating.

Royal Bank of Scotland climbed 4.5 percent to $10.80 after Numis raised its rating on the stock to "buy" from "hold."

The BNY Mellon index of leading Asian ADRs rose 0.4 percent.

The BNY Mellon index of leading Latin American ADRs edged up 0.2 percent.